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US oil production/ Keystone pipeline

Summary:
Peppermint Patty is partially correct here US output was 13.5M without Keystone pipeline pre Covid lockdowns…. Covid lockdowns now apparently ending…. Perhaps US output could just return to pre-Covid rates now with everyone going back to work…. This is not the consensus view though…PSAKI: "The reason why the price of gas is going up is not because of steps the president has taken, they are because Putin is invading Ukraine."Gas prices rose .14 from Biden's inauguration to the day Putin invaded. pic.twitter.com/z02ZrUznAr— RNC Research (@RNCResearch) March 4, 2022 Jen Psaki reminds everyone that Republicans are lying about the Keystone Pipeline, "The Keystone Pipeline has never been operational. It would take years to have any impact." pic.twitter.com/XqHzLFwrwl— Sarah Reese Jones

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Peppermint Patty is partially correct here US output was 13.5M without Keystone pipeline pre Covid lockdowns…. Covid lockdowns now apparently ending…. Perhaps US output could just return to pre-Covid rates now with everyone going back to work…. This is not the consensus view though…




US production drop was (originally) due to Covid lockdown policy, was at 13.5M and thus the swing producer was outside of OPEC+, resulting in competitive low prices…










Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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